Vietnam PM Okays Re-lending of ADB’s US$500M Loan to BIDV
Prime Minister Nguyen Tan Dung has allowed the Bank for Investment and Development of Vietnam (BIDV) to re-borrow the US$500 million loan for surmounting bad impacts from the global economic crisis, to be offered by Asian Development Bank (ADB).
Of the sum, BIDV will use US$250 million-US$300 million for the in-progress shipbuilding projects of Vietnam Shipbuilding Industry Group (Vinashin) and infrastructure projects of Vietnam Post and Telecommunications Group (VNPT)
The Hanoi-based state-run bank will select appropriate projects for offering loans among the lenders.
The US$500 million loan is part of a US$3 billion Counter-cyclical Support Facility (CSF) set up by ADB to help developing member countries (DMCs) swiftly ramp up the fiscal spending to overcome the global economic crisis and help sustain longer-term growth.
Each member country can borrow a maximum loan of US$500 million from CSF after meeting all requirements applied on ADB’s Ordinary Capital Resource (OCR). (Vietnam Economic Times)
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